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Tompkins Financial Corporation (symbol: TMP) is a New York State-based financial services holding company with over $5 billion in assets. The company operates through three main business segments: community banking, insurance, and wealth management. Founded over 175 years ago, Tompkins has been dedicated to helping clients achieve their financial goals by providing high-quality financial products and exceptional service.
Community Banking: Tompkins Financial Corporation is the parent company of four community banks: Tompkins Trust Company, Tompkins Bank of Castile, Tompkins Mahopac Bank, and Tompkins VIST Bank. Together, these banks operate 67 branches and offer a wide range of commercial and consumer banking services, including deposit products, loans, leasing, and more. The company reinvests deposits as loans to local families and businesses, supporting the communities where it operates.
Insurance: Through its insurance segment, Tompkins offers property and casualty insurance services, as well as employee benefit consulting. This segment provides clients with comprehensive insurance solutions tailored to meet their individual and business needs, ensuring they are well-protected against risks.
Wealth Management: Tompkins' wealth management segment includes trust and investment management, financial planning, and wealth management services. The company focuses on creating long-term value for clients by offering personalized financial strategies and investment solutions that align with their specific goals.
Committed to responsible growth and strong return on equity, Tompkins Financial Corporation has been recognized as one of the nation's best-performing financial companies by independent analysts. The company's strategy emphasizes sustainable growth, community involvement, and shareholder value creation. Tompkins continues to play a crucial role in supporting local organizations and contributing to the economic well-being of the communities it serves.
Tompkins Financial (NYSE American:TMP) has announced a quarterly cash dividend increase. The company will pay $0.62 per share on November 15, 2024, to shareholders of record as of November 8, 2024. This represents a 1.6% increase from the third quarter 2024 dividend and a 3.3% increase from the fourth quarter 2023 dividend. Tompkins Financial serves the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania through its subsidiaries Tompkins Community Bank, Tompkins Insurance Agencies, and Tompkins Financial Advisors.
Tompkins Financial (TMP) reported strong Q3 2024 results with diluted earnings per share of $1.30, up 18.2% from Q2 and 155.3% from Q3 2023. Net income reached $18.6 million, marking an 18.9% increase from Q2. The significant year-over-year improvement reflects recovery from a $62.9 million pre-tax loss on securities sale in Q3 2023.
Key highlights include net interest margin expansion to 2.79%, 8.2% annualized loan growth, and total deposits of $6.6 billion. Fee-based services revenue grew 3.2% year-over-year, representing 31% of total revenue. The company maintained strong capital ratios with Tier 1 capital to average assets at 9.19%.
Tompkins Financial (NYSE American: TMP) has announced a regular quarterly cash dividend of $0.61 per share, to be paid on August 16, 2024, to shareholders of record as of August 9, 2024. This decision was approved by the company's Board of Directors. Tompkins Financial is a banking and financial services company operating in the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. The company's portfolio includes Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and wealth management services through Tompkins Financial Advisors.
Tompkins Financial (NYSE American: TMP) reported Q2 2024 diluted earnings per share of $1.10, down 6.8% from the previous quarter but up 86.4% from Q2 2023. Net income for Q2 2024 was $15.7 million, down 7.1% from the previous quarter but up 85.0% year-over-year. The significant increase compared to Q2 2023 is largely due to a $7.1 million loss on securities transactions in that quarter.
Key highlights include:
- Net interest margin stable at 2.73%
- Total loans up 7.7% year-over-year
- Fee-based services revenues up 5.0% year-over-year
- Total operating expenses down 3.9% year-over-year
- Regulatory Tier 1 capital to average assets at 9.15%
The company's focus on expense management and balance sheet leverage has resulted in stabilizing and growing revenue with lower expenses.
Tompkins Financial (NYSE:TMP) declared a regular quarterly cash dividend of $0.61 per share, payable on May 17, 2024, to common shareholders of record on May 10, 2024. This represents a 1.6% increase over the previous quarter. Tompkins Financial is a banking and financial services company serving various regions in New York and Pennsylvania.
Tompkins Financial reported diluted earnings per share of $1.18 for the first quarter of 2024, up 12.4% from the prior quarter and down 12.6% from the same period in 2023. Net income was $16.9 million, showing a 12.5% increase from the prior quarter but a 13.0% decrease from 2023. The decrease in net income was driven by higher funding costs and credit loss expenses. Despite this, there was growth in fee-based revenues and lower operating expenses. The company remains focused on customer relationships and leveraging its strong balance sheet for growth.
Key highlights include a decrease in net interest margin and an increase in deposit costs. Fee-based revenues were up, operating expenses were down, and loans and deposits showed growth. The company's net interest income decreased due to higher interest expenses, while noninterest income saw an 8.5% increase. The provision for income tax expense increased, and the asset quality remained stable. Capital ratios were well above regulatory minimums, and liquidity position was stable with access to various funding sources.
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